Five Automakers Join $10.7 Billion Hydrogen Council

BMW, Daimler, Honda, Hyundai and Toyota are among thirteen companies from the energy, industrial and transport sectors that have formed a council to promote hydrogen-based alternatives to existing energy sources.

Along with oil and gas giants Royal Dutch Shell Plc and Total SA, the automakers are investing a combined $10.7 billion over the next five years in an effort to accelerate the development and commercialization of hydrogen and fuel cell energy solutions. The remaining members of the council include Air Liquide, Alstom, Anglo American, ENGIE, Kawasaki and The Linde Group.

According to a joint statement released by the group in Davos, Switzerland, the Hydrogen Council intends to work with policy makers and showcase hydrogen technologies to the public. One of its key commitments is to contribute towards the goal of reaching the 2 degrees Celsius target outlined in the 2015 Paris Agreement.

Toyota has been one of the most active proponents of hydrogen-based sources of energy, setting a target of eliminating 90 percent of carbon dioxide emissions from its lineup by 2050.